ArcelorMittal (NYSE:MT) Sets New 1-Year High – Still a Buy?
by Danessa Lincoln · The Markets DailyArcelorMittal (NYSE:MT – Get Free Report) reached a new 52-week high during trading on Tuesday . The stock traded as high as $55.31 and last traded at $53.5930, with a volume of 1672570 shares changing hands. The stock had previously closed at $54.30.
Wall Street Analyst Weigh In
A number of brokerages recently issued reports on MT. Wells Fargo & Company increased their target price on ArcelorMittal from $39.00 to $47.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 21st. JPMorgan Chase & Co. raised shares of ArcelorMittal from a “neutral” rating to an “overweight” rating in a research note on Friday, November 7th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $49.00 target price on shares of ArcelorMittal in a research report on Wednesday, November 26th. UBS Group cut shares of ArcelorMittal from a “buy” rating to a “neutral” rating in a research report on Monday, November 17th. Finally, Morgan Stanley upgraded ArcelorMittal from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, January 6th. Five investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, ArcelorMittal has a consensus rating of “Hold” and a consensus price target of $40.98.
ArcelorMittal Price Performance
The company has a quick ratio of 0.58, a current ratio of 1.39 and a debt-to-equity ratio of 0.19. The business’s 50-day moving average is $45.62 and its two-hundred day moving average is $39.15. The company has a market capitalization of $41.53 billion, a P/E ratio of 15.95, a price-to-earnings-growth ratio of 0.19 and a beta of 1.52.
ArcelorMittal (NYSE:MT – Get Free Report) last released its quarterly earnings results on Thursday, November 6th. The basic materials company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.04. The business had revenue of $15.66 billion for the quarter, compared to analysts’ expectations of $15.88 billion. ArcelorMittal had a net margin of 4.23% and a return on equity of 4.94%. The firm’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.63 earnings per share. As a group, analysts predict that ArcelorMittal will post 3.72 earnings per share for the current year.
Institutional Trading of ArcelorMittal
A number of hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its position in ArcelorMittal by 1.8% in the third quarter. Dimensional Fund Advisors LP now owns 3,171,378 shares of the basic materials company’s stock worth $114,647,000 after purchasing an additional 55,549 shares during the last quarter. UBS Group AG boosted its holdings in shares of ArcelorMittal by 405.2% in the 3rd quarter. UBS Group AG now owns 1,181,358 shares of the basic materials company’s stock worth $42,706,000 after buying an additional 947,532 shares during the last quarter. Maple Rock Capital Partners Inc. purchased a new position in shares of ArcelorMittal in the 3rd quarter worth about $41,399,000. Bank of America Corp DE grew its position in ArcelorMittal by 15.6% during the third quarter. Bank of America Corp DE now owns 947,909 shares of the basic materials company’s stock valued at $34,267,000 after buying an additional 128,045 shares during the period. Finally, Retirement Systems of Alabama purchased a new stake in ArcelorMittal during the fourth quarter worth about $30,721,000. 9.29% of the stock is currently owned by institutional investors.
About ArcelorMittal
ArcelorMittal is a multinational steel manufacturing company formed in 2006 through the merger of Arcelor and Mittal Steel. Headquartered in Luxembourg, the company is one of the world’s largest producers of steel and operates an integrated value chain that spans raw material extraction, steelmaking, processing and distribution. Its product portfolio includes flat and long carbon steel products, coated and specialty steels, tubular products and value-added solutions tailored for sectors such as automotive, construction, household appliances, energy and packaging.
ArcelorMittal’s operations are global in scope, with production facilities, distribution networks and commercial activities across Europe, the Americas, Asia, Africa and the Commonwealth of Independent States.